USD/CAD Forecast August 26, 2013, Technical Analysis

The USD/CAD pair rose during the session initially on Friday, but as you can see failed to hang onto gains, and formed a wicked looking shooting star. However, we feel that this market is only getting ready to pull back, not meltdown. That being the case, we are looking for supportive candle below in order to start buying. The 1.04 handle is probably the perfect spot to see it, but we would take any spot to be honest. On the other hand, if we managed to break above the top of the shooting star, we think this market continues to go higher.